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Guangdong-based TCL Corp. will invest 500 million yuan (US$60 million) to high definition TV, the first investment the group announced after its share offering of A shares earlier this year, today's Beijing Times reported.
As planned, the group will build an industrial park in Wuxi High-Tech Industrial Zone, its first industrial park outside Guangdong Province, the report said.
According to Shi Wanwen, vice president of TCL's multimedia division, his division as well as the electric division will be the first TCL units to move into park, along with production of high-definition TV sets, rear-project TV sets, plasma TV sets, liquid displayer TV sets and electric products.
Analysts expect TCL will make more aggressive investments this year. They said it chose Wuxi for the first investment, because the Jiangsu city is home to China manufacturing centers of many overseas home appliance giants, including Sony, Samsung, and Philips.
A production chain has been shaped there for home appliance industry. It will help save cost for TCL's new park.
TCL Corp started offering of a combined 994.40 million Class-A shares on the Shenzhen stock market from January 7, after a stock swap with its listed subsidiary TCL Communication Equipment Co Ltd.
(Shanghai Daily February 17, 2004)
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